Victory for Consumers in PPI Court Case
In a great victory for consumers, the banks have
accepted that they must pay back earnings from any PPI (Payment
Protection Insurance) that they mis-sold to their customers after
losing a much publicised high court case.
The banks - which have been vehemently fighting the Financial
Services Authority (FSA) in order to avoid paying out billions of
pounds in compensation to wronged customers - were struck a
critical blow in April 2011 when the high court ruling found them
liable for the mis-sold PPI debacle where money was deceitfully
taken from customers who were under the mistaken belief that the
PPI policy would help them.
Help, as it turns out, was the last thing the PPI policies could
be accused of doing and a huge amount of them were wrongly or
mistakenly sold to consumers by financial institutions for various
reasons. This has led to millions of people paying
expensive insurance premiums for cover that was of no use to them
whatsoever should they ever have needed to use it.
Despite trying to appeal against this ruling, the British
Bankers' Association (BBA) announced in May 2011 that the offending
banks had finally succumbed to the ruling and subsequently set
aside billions of pounds worth of compensation
funds in preparation for the flood of PPI claims from
affected consumers.
PPI is supposed to help you keep up with the repayments on a
loan if your income unexpectedly dries up. For example, when you
could not afford repayments on loans due to job loss or an illness
or accident, then the PPI was in place to protect you with
insurance payouts; allowing you to continue paying the loan back
when it proved difficult for you to do so by yourself.
For many borrowers who had been sold PPI along with their loan,
and who were faced with the regrettable situation in which they
needed to make use of the policy, it became increasingly apparent
that banks were denying many of them based on the fact that they
were ineligible to claim, making all the regular payments to keep
the policy going redundant.
There were many situations where people were asked or coerced
into taking PPI cover that was no good for them, including
instances where customers were told they had to pay for PPI if
they wanted the loan, or the bank simply didn't bother to
check to see if their clients were eligible.
If you have taken out any kind of loan - including
mortgages and credit cards - you may have been mis-sold Payment
Protection Insurance and could be entitled to make a claim against
the banks or financial institution who has wronged
you.
In order to claim back your PPI, you will need to prove that it
was mis-sold to you and it is important to get the documents valid
to the case as evidence, and to contact the guilty party and inform
them that you believe that the PPI cover they sold to you is wrong
and you wish to reclaim.
It is important to make sure the banks don't take advantage of
you, either by telling you that you are only eligible for a minimal
settlement or by denying your claim altogether. If this happens,
then the next step would be to put up a fight - which is
something Claims Financial can do on your behalf.
If you do not have the time or don't wish to undergo what can be
a convoluted task of reclaiming your mis-sold PPI, Claims Financial
can help.
We will claim back the maximum possible amount of unfair
PPI charges taken unjustly by the banks on your
behalf.
Our No Win No Fee service puts together your case for you and
deals with your bank directly, thereby alleviating the stress and
hassle that the reclaiming process can cause. If you think you have
been mis-sold PPI, reclaim your PPI today!
"I just had to put pen to paper and write to say I'm more than delighted with my settlement that you won me back from my PPI I had with Lloyds TSB. The Claim Forms were simple to fill in. It was a breeze"
Mr R Evans 11 Nov 2010